Edition:
United Kingdom

Middle East Investment 2016

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Lebanon central bank satisfied with FX reserves after operations to boost them

BEIRUT Lebanon's central bank chief said he was satisfied with the country's foreign currency reserves, which have been boosted to record highs by months of financial engineering, and had no plan for further operations to boost them.

China's CFLD to finalize new Egyptian capital deal by year-end

CAIRO China Fortune Land Development Company (CFLD) expects to finalize its $20 billion deal to develop part of Egypt's new capital by the end of 2016 and break ground early next year, a partner on the project told Reuters.

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Egyptian developer Palm Hills expects deal on mega-project by year-end

CAIRO Egyptian property company Palm Hills expects to sign a revenue-sharing deal with the government this year to develop what would be the country's second-largest real estate project, one of its co-chief executives said.

Iranian carpet makers target U.S. with peace message

BEIRUT Iran's carpet makers are distancing themselves from their government in promoting their handmade work as they seek to regain valuable U.S. sales and protect jobs following the removal of economic sanctions.

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Kuwait Finance House sees opportunity in financing Gulf deficits

KUWAIT Kuwait Finance House (KFH), the country's biggest Islamic lender, sees attractive opportunities in financing the budget deficits of Kuwait and other oil exporting countries in the region, its group chief executive said.

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Congested Cairo to become regional hub for Uber

CAIRO Ride-hailing service Uber [UBER.UL] plans to make Cairo a regional hub with an investment of more than $50 million in the next two years, building on its breakneck growth in the infamously traffic-clogged city, its Egypt general manager said.

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Tunisia to offer $50 billion of projects to foreign investors

TUNIS Tunisia will offer foreign investors and financiers participation in $50 billion of projects as it seeks to create jobs to maintain political stability, the country's investment minister said.

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Algeria aims to accelerate diversification, subsidy reforms

ALGIERS Algeria is preparing to speed up the diversification of its oil-reliant economy in the coming year after starting to cut state subsidies to offset a fall in energy earnings, the head of parliament's finance committee said.

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Saudi austerity steps to complicate home ownership drive: JLL

RIYADH Saudi Arabia’s austerity drive will pressure people's ability to buy their own homes and could push housing prices in some segments down by nearly a third, the local director of real estate services firm JLL said on Tuesday.

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Egypt seeks new markets, boosts security as tourism drops

CAIRO Egypt hopes to encourage tourists from new markets like China, Japan and Ukraine, a year after Russia and Britain suspended flights to the land of the Pyramids, the country's tourism minister said.

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